The objective of supervision as stated in the preamble to the IRDAI Act is to protect the interests of holders of Insurance policies, to regulate, promote and ensure orderly growth of the Insurance industry, both Insurance and Reinsurance business.
What is the role of IRA in Kenya?
The Insurance Regulatory Authority is a statutory government agency established under the Insurance Act (Amendment) 2006, CAP 487 of the Laws of Kenya to regulate, supervise and develop the insurance industry.
What are roles and responsibilities of insurance sector?
Insurance Agent responsibilities include:\n\n Developing marketing strategies and promote all types of new insurance contracts or suggest additions/changes to existing ones. Breeding productive relationships to create a pool of prospective clients from various sources by networking, cold calling, using referrals etc.
What are the 3 functions of insurance?
The Insurance Regulatory Authority of Kenya (IRA) is the sole authority charged with regulation and supervision of the insurance industry within the Republic of Kenya.